分类： cc

　　With the epidemic under control, the passenger flow in Taikooli, Chengdu slowly resumed photography.

　　"Encourage the implementation of a flexible working system of 4.5 days a week and 2.5 days on weekends." Since March, Jiangxi, Zhejiang and other places have taken measures to actively guide cadres and workers to go out for leisure holidays on weekends, in order to boost consumption, promote economic growth and reduce the impact of the COVID-19 epidemic on the economy.

　　On March 25th, Wang Qiyan, a professor at Renmin University of China and director of China Leisure Economy Research Center, said in an interview with Chengdu Business Daily-Red Star News reporter that the income of employees in government agencies, enterprises and institutions is relatively stable, and the flexible working system is pioneered by this group. It is undoubtedly a feasible practice to promote consumption and drive a wider range of consumer groups by increasing the supply of time. Su Hainan, a special researcher in china association for labour studies, is more cautious. He said that the first thing to do to resume production at present is to ensure safety and prevent the epidemic from rebounding.

　　Five years ago, a 2.5-day weekly holiday was introduced.

　　But the implementation effect is not ideal.

　　On March 19th, Jiangxi Provincial People’s Government issued "About laying a good ‘ Combination boxing ’ Notice to boost tourism consumption. " It is mentioned that all localities and units should optimize their work arrangements according to the actual situation. In the second quarter of this year, they will try out 2.5 days of flexible work and rest on weekends and actively guide cadres and workers to go out for leisure and vacation on weekends. The working hours reduced by flexible work and rest can be compensated by extending the length of other working days.

　　Recently, the "Implementation Opinions of the General Office of the People’s Government of Zhejiang Province on Boosting Consumption and Promoting Stable Economic Growth" issued by Zhejiang Province mentioned that it encourages the implementation of a 4.5-day flexible working week and supports qualified organs, social organizations, enterprises and institutions to implement the paid vacation system.

　　In fact, encouraging the implementation of flexible working system is nothing new. In the Opinions of the General Office of the State Council on Further Promoting Tourism Investment and Consumption issued in August 2015, it is mentioned that flexible work and rest are encouraged, and places and units with conditions can optimize and adjust summer work and rest arrangements according to the actual situation, creating favorable conditions for employees to go out for leisure and vacation on Friday afternoons and weekends. Since then, more than 10 provinces, including Hebei and Chongqing, have issued opinions to encourage flexible work and rest for 2.5 days, but after five years, the implementation effect is not ideal.

　　Why is it difficult to implement?

　　Experts say that labor efficiency is relatively low.

　　The reason is that Wang Qiyan, a professor at China Renmin University and director of China Leisure Economy Research Center, believes that in the final analysis, the labor efficiency is relatively low.

　　Regarding the voice on the Internet that "two weekends are difficult to implement, not to mention flexible working system", Wang Qiyan believes that if society wants to make progress, there will always be some people who have to sacrifice, such as those who stand at the forefront of science and technology. There are still some groups, because of the characteristics of the industry or the particularity of the occupation, who can’t reach the average rest standard, which is also a reality.

　　4.5-day flexible working system

　　How much effect does it have on stimulating consumption?

　　From the perspective of stimulating consumption, Su Hainan thinks that the effect is not necessarily great.

　　He said that industries with relatively high wages and relatively stable incomes are willing to spend if they are given more rest time under safe circumstances. But for many employees of small and medium-sized enterprises, especially migrant workers, the first consideration may not be how to spend, but how to earn money quickly and maintain a normal life.

　　Su Hainan suggested that consumption should be gradually restored while ensuring safety. In the process of restoring consumption, people must be isolated according to the relevant requirements and regulations of epidemic prevention, and retaliatory consumption in crowded places is not advocated, because there are still risks. "Don’t look at the possibility that the turnover has come up, but if there is another infection in Covid-19, it will be terrible."

() The business review of the Board of Directors in the first half of 2023 is as follows:

　　I. Main businesses of the Company during the reporting period

(a) the company’s main business and products

The company is the leading supplier of intelligent transportation platform solutions for expressways, trunk roads and urban transportation in China. The company’s main business includes three aspects: first, the smart traffic electronic toll collection business based on ETC, including ETC issuance and sales, electronic toll collection service business, etc., focusing on expanding the construction and operation of expressway and urban traffic toll collection and management systems; Secondly, the business of intelligent transportation operation management system based on cloud technology mainly includes system software development, comprehensive solutions and system technical services of intelligent transportation operation management; Third, the derivative business of smart transportation is mainly to build ecological scenes with "ETC+" as the core, integrate the life of vehicles such as refueling, road economy and car maintenance, and develop the ETC ecosystem business.

During the reporting period, there were no major changes in the company’s main business.

1. Intelligent transportation electronic toll collection service

The company’s smart traffic electronic toll collection business is mainly based on ETC, including ETC distribution and sales, electronic toll collection services, etc., focusing on the construction and operation of expressway and urban traffic toll collection and management systems.

ETC distribution business: The company increased the promotion of ETC distribution in offline outlets and cooperation channels, that is, online platforms, optimized the ETC product system, and greatly increased the circulation. During the reporting period, the company newly developed 908,000 ETC users, an increase of 88.77% over the same period of last year. By the end of June 2023, the number of ETC users of the company had reached 23.058 million, covering 30 provinces and cities across the country.

The company has accelerated its business layout, and has established business cooperation relations with 14 OEMs including Changan Automobile, Geely Automobile, Tesla, Weilai, Kia of yueda and Jaguar Land Rover. During the reporting period, the company added SMART elf car and Lotus car front-loading projects, which have been successfully launched. In addition, the company and () innovatively researched and developed ETC smart automobile glass, and realized ETC front-loading in the field of automobile production supply chain, laying a good foundation for the sustainable growth of ETC distribution in the future. At present, Changan Automobile Auchan and Fujian Benz brands have been realized. Users can be locked in advance through the ETC pre-installation mode, which will further enhance the national market share of ETC users.

Electronic toll service: With the popularization of ETC, the further improvement of payment rate and the development of new car pre-installation mode, ETC payment has gradually penetrated from expressway to car-related scenes such as parking, refueling and ferry ETC. At present, the ferry ETC payment business has reached cooperation intentions with 22 auto ferry operation platforms in Anhui, Zhejiang, Sichuan, Guangdong and other provinces. As a pilot unit of digital RMB for enterprises in Jiangsu province, the company took the lead in realizing the application of digital RMB payment in the province’s expressways and user travel services, and has now realized the digital RMB payment function of ETC service outlets, Tongbao APP and MTC lanes of some toll stations in the province. During the reporting period, the recovery of expressway toll flow increased significantly, which led to the rapid growth of the company’s electronic toll settlement amount, reaching 23.6 billion yuan in the first half of 2023, an increase of 32.02% over the same period of last year.

2. Smart traffic operation management system business

The company’s intelligent transportation operation management system business relies on cloud computing, big data, artificial intelligence, Internet of Things and other technologies to develop and maintain intelligent transportation systems, effectively supporting comprehensive transportation operation decision management and services, and focusing on three major business scenarios of intelligent transportation command and dispatch, operational services and integrated management. It has formed three major service themes of "smooth travel, high quality and smart speed" and six product systems of "dispatching, charging, maintenance, service, integrated management and digital intelligence", which have the leading level in China. Its main customers are government agencies related to transportation management, road and bridge enterprises and institutions, traffic police and other law enforcement units.

At present, the company has accelerated the digital transformation of intelligent transportation and deepened the integrated technology path of "cloud-network-edge-end", and has formed a number of intelligent transportation application products and comprehensive solutions with high technical content, strong profitability, scale and sustainability. In February, 2023, the company’s independent innovative products "AI video analysis cloud control platform", "ETC electronic fence", "cloud charging-robot" and "tunnel digital twin technology" appeared at the "Digital Traffic Control" innovative product launch conference in 2023. At present, the company’s scientific and technological products mainly include: dispatching cloud and other series of cloud control platform products, state-owned cloud, SD-WAN intelligent networking technical services, high-speed brain, AI video analysis cloud control platform, free cloud charging solution, charging robot, tunnel digital twin technology and cloud+high-speed intelligent service platform, etc. The relevant products are as follows:

(1) Scheduling Cloud

"Dispatching Cloud" is a real-time interactive cloud service platform based on the concept of "internet plus Traffic", with travelers as the center, relying on rich advanced technologies and services on the cloud, and built around the emergency handling of expressways, with full coverage of processes, all-round management and full participation of the society. At present, it has achieved large-scale commercial operation, and has been used in expressways and some trunk highways in Jiangsu Province, and extended to Guizhou, Henan, Hebei, Guangxi, Hunan and other provinces. In the first half of 2023, the project newly expanded some high-speed management units outside the province, as well as some industry customers such as traffic emergency management units in prefecture-level cities and county-level cities in the province. In the first half of the year, the business achieved an operating income of 36,948,800 yuan, an increase of 47.57% over the same period of last year.

(2) Toll Cloud

The "toll cloud" is an independent innovation technology such as license plate "cloud recognition", () processing and fault-tolerant path restoration, which intelligently analyzes multi-dimensional captured data, identifies, locates, tracks and warns "specific vehicles", and builds a toll auxiliary system with accurate accounting, online billing and real-time escape, providing strong support for toll inspection.

(3) State-owned assets cloud

The "state-owned assets cloud" platform promotes the deep integration of informatization and state-owned assets supervision business around the "three majors and one big" decision-making, property right registration and transformation, foreign investment, financing guarantee and performance evaluation, and realizes the digital transformation of state-owned assets supervision business from decentralization to centralization, supervision information from isolation to sharing, management quality and efficiency from plane to three-dimensional, and supervision process from afterwards to real-time. During the reporting period, the project won the bid for the "Digital State-owned Assets" supervision platform project of Yancheng State-owned Assets Supervision and Administration Commission, achieving a breakthrough in state-owned assets projects at the prefecture level. Up to now, the platform has been applied in Jiangsu State-owned Assets Supervision and Administration Commission, Yancheng State-owned Assets Supervision and Administration Commission, China Communications Construction Co., Ltd. and other provincial state-owned enterprises such as (), Eastern Airport and Suliang Group.

(4) Internal control cloud

"Internal Control Cloud" is a reusable and customizable full-process digital management software service product for customers. This product uses the concept of flattening and great collaboration to finely manage and control the internal office processes in real time, and changes manual supervision into process supervision and data supervision. Through this product, the processes of information disclosure, document handover, supervision, procurement, salary, contract, meeting, payment, business trip, car use and duty are visualized and managed in a streamlined way, thus realizing the digitalization of organizational structure and process coordination, and greatly improving the office efficiency and management benefits of customers. At present, it has been widely used in expressway operation and management units such as Jiangsu and Shanxi.

(5) Conservation of clouds

"Maintenance Cloud" takes routine road inspection and maintenance as its core function, and realizes closed-loop road maintenance business management integrating maintenance plan, task assignment, inspection, disease reporting, construction measurement, assessment and statistical analysis, which promotes the transformation of experience management into a programmed and standardized management mode and further improves the efficiency and quality of maintenance management. This product has been applied in Guizhou Expressway and Xuzhou national and provincial trunk highways. Relying on the maintenance cloud, the reporting efficiency of expressway diseases under the jurisdiction of Guizhou Expressway Group increased by 3 times, the inspection efficiency increased by 4 times, and the accuracy of disease identification reached over 92%. In the first half of the year, the business achieved an operating income of 5,004,000 yuan, an increase of 65.61% over the same period of last year.

(6)SD-WAN intelligent networking technical services

"SD-WAN Intelligent Networking Technology Service" adopts two-way Internet broadband access, and undertakes the functions of safe and stable data transmission of various services from local to cloud. It solves the problems of long construction period, high cost, insufficient network accessibility and difficult data aggregation of traditional networks, greatly reduces the management difficulty, improves the network quality, ensures the stable bearing of expressway toll collection, communication and other services, and realizes cost reduction and efficiency increase. "SD-WAN networking technology" has achieved full coverage of 46 road sections, 95 pairs of service areas, 430 toll stations and 3,500 lanes in Jiangsu road network, supporting data transmission of more than 30 digital services.

(7) high-speed brain

Through the deep integration and exploration of blockchain technology and transportation industry, "High-speed Brain" has established an autonomous and controllable digital infrastructure, expanded and built a credible data space and value network oriented to the transportation industry ecology, realized the collection, gathering and sharing of multi-factor scenes, full business processes and pan-high-speed ecology, solved the problems of incomplete data gathering, unreliable sharing and transmission, difficult support for business collaboration and difficult establishment of digital ecology, and made overall consideration of the road smooth work by digital means to effectively realize high-speed. In the first half of the year, the above projects have not yet generated income, and it is expected that business income will be generated in the second half of the year.

(8)AI video analysis cloud control platform

"AI video analysis cloud control platform" is based on multi-source heterogeneous data fusion processing, AI video image algorithm evaluation and analysis, rule engine machine governance, business adaptability deep learning optimization and other technical links, and applies the self-developed "AI square" to construct the event monitoring early warning data that forms automation, visualization and fits the traffic application scene after intelligent identification, data fusion, algorithm analysis, multiple governance and training and learning. The platform can detect traffic accidents, abnormal parking, foreign body scattering, vehicle congestion, vehicle retrograde and other abnormal conditions in real time, and give an alarm prompt in real time. After application, it can greatly improve the highway traffic capacity and the ability to deal with accidents and incidents quickly. The test results show that compared with the traditional event discovery method, the intelligent early warning can be carried out 20 minutes in advance on average through the cloud control platform. The cloud control platform has been applied in East Expressway, Suhuaiyan Expressway and Nanjing-Hangzhou Expressway, and it is expected to be put into use in the second half of the year and generate business income.

(9) Free Cloud Charging Solution

The construction of "Free Cloud Charging Solution" focuses on "charging robot" and provides an overall solution for highway "free cloud charging", which improves the overall adaptability of toll station functions and reduces the construction cost, and realizes the full decoupling, data integration and online business of the charging system, and realizes the functions of accurate online charging, intelligent real-time audit, synchronous settlement verification and efficient special handling based on cloud big data. At present, a comprehensive charging system software with functions of charging, check-in and auditing has been formed, as well as family hardware products that are highly adapted to it, such as charging robot, digital economy big screen, fog lamp integrated equipment, grating vehicle type recognition integrated machine, integrated intelligent hurdle machine, ETC antenna and controller and license plate recognition camera. At present, the solution has been applied in 14 toll stations, such as (), Ningjingyan Expressway, Yanjiang Expressway, Suhuaiyan Expressway, Lianxu Expressway, Nanjing-Hangzhou Expressway and East Expressway, and 50 toll robots and 344 other family-owned equipment in toll lanes have been deployed. The production environment test shows that the solution can greatly improve the efficiency of expressway toll collection. It is estimated that each toll lane can save 2-3 toll collectors and greatly reduce the cost of expressway operation and management. It is expected that the free cloud charging solution will be widely applied in Jiangsu road network in the second half of the year.

(10) Tunnel digital twin technology

Based on the two management objectives of "safety" and "smoothness" of tunnels, "tunnel digital twin technology" sets up a "virtual and real bridge" for the integrated operation and management of roads and tunnels, and creates a "Jiangsu model" for the intelligent management of tunnels. This technology can not only realize the real-time presentation of all dynamic and static elements, but also directly operate the feedback on the twin page, which makes the tunnel management more intelligent, effectively solves the operational problems of the largest underwater tunnel in China, such as high requirements for real-time online operation monitoring, difficult emergency rescue, difficult equipment management and control, high requirements for preventive and active management and control, and greatly improves the tunnel operation efficiency. This technology has been demonstrated in Taihu Tunnel, the longest underwater tunnel in China, and has been applied in Yangzhou City Tunnel Group and Tongzi Tunnel in Guizhou.

(11) Cloud+high-speed intelligent service platform

"Cloud+high-speed intelligent service platform" is a digital high-speed traffic police business cloud platform built around the service management and law enforcement of high-speed traffic police under the trend of "one network for all roads", adhering to the concept of "multi-party joint management, resource joint use and service joint work". The platform can realize the sharing of bad weather data, from passive disposal afterwards to active prevention in advance and active response in the event, which can effectively promote the high-quality development of Jiangsu high-speed traffic safety management and travel service guarantee. The platform has been applied in Jiangsu Provincial Traffic Police Corps.

3. Smart Transportation Derivative Business

The derivative business of smart transportation is mainly the ETC ecosystem business related to car life. Relying on the advantages of the number of ETC users and the volume of data, we will build ecological scenes with "ETC+" as the core, integrate user services such as high-speed traffic, parking, refueling, road economy and car maintenance, innovate business models, create derivative services of ETC ecosystem, and provide customers with integrated car life services.

During the reporting period, the company actively promoted the construction of ETC ecosystem and innovated the business model of smart transportation derivative business. Adhering to ETC’s strategy of "getting off the road and entering the city", ETC’s smart parking business pioneered the overall solution of "electronic fence" technology in China, effectively solving the problem of "leakage" in traditional parking mode, which has been built and operated in more than 20 cities and counties such as Suqian City, Wuxi City, Taizhou City, Nanjing Gaochun City and Suzhou Taicang City. In the first half of the year, 863 new parking lots were signed up and 767 were put into operation. By June 2023, ETC’s smart parking business had been put into operation. Carry out actions to improve the efficiency of ETC polymerization refueling process and optimize the refueling experience of refueling workers and customers. During the reporting period, the transaction volume of polymerization payment refueling was 787 million yuan, an increase of 41% compared with the second half of 2022; Focusing on the consumer demand of car-related consumer products and car owners’ daily necessities, the company built a "1+1 +2" business service matrix of "Tongbaoxiaodian+TongbaoTik Tok Live+2 Mobile Consumer Terminals" to build an exclusive business service platform for ETC users and provide personalized and customized consumer services; Providing supply chain collaborative services such as customer acquisition channels, product operation strategy optimization and risk management measures for banks, factoring companies, truck transportation platforms and other cooperative institutions, the business has grown rapidly. In the first half of the year, the derivative business of smart transportation achieved an operating income of 13,055,800 yuan, a year-on-year increase of 138.01%.

(II) The industry in which the company is located during the reporting period.

1, the company’s industry

The company’s main business belongs to the field of intelligent transportation business. It mainly provides software development, overall solutions and technical services by analyzing the information system requirements and system design of customers’ business needs, and develops intelligent transportation electronic toll collection business, intelligent transportation operation management system business and intelligent transportation derivative business.

2, the industry development and development trend

Intelligent transportation is an important area of new infrastructure. In recent years, the state has successively issued a large number of policies and measures to support the development of intelligent transportation, and the intelligent transportation industry is in a period of rapid development. The national transportation power strategy, the new infrastructure policy and the Tenth Five-Year Plan have continuously promoted the digital transformation of the transportation industry. From top-level design to supporting implementation, the policy dividend of the smart transportation industry has been continuously released, and the two-wheel drive of policy demand has boosted the smart transportation industry to usher in a sustained and prosperous development, accompanied by deep excavation of data capabilities, which has driven the industry’s efficiency to continue to improve. The recent core policies of the smart transportation industry include the digital economy policy, the new infrastructure policy, the traffic power policy at the national level, and the relevant policies of the Ministry of Transport, the Ministry of Public Security, the Ministry of Industry and Information Technology and other relevant ministries and commissions in transportation planning, traffic safety and order management, and intelligent network connection.

The intelligent transportation industry has been growing for a long time. Due to the unbalanced level of economic development and technological development in different regions of China, the investment and construction of intelligent transportation management system in China are uneven in various regions, and the intelligent transportation business also presents certain regional characteristics. According to the forecast of Yiou think tank, the smart transportation market in China will reach 10.6 trillion yuan by 2030, with a broad growth space. It is expected that the technologies related to intelligent transportation will continue to mature in the future, and the intelligent layout of vehicles, roads and clouds will continue to improve, and the market will show a steady growth trend. Policy promotion, customer demand and technological progress have accelerated the transformation of the transportation industry from informationization to digitalization, and data has gradually become one of the core production factors. The characteristics of interconnection and data element empowerment have prompted the intelligent transportation industry to move towards "cloud-network-edge-end" integrated technology integration and life-cycle value operation. The market share of Smart Exchange began to concentrate on the head enterprises with data and algorithm capabilities and in-depth understanding of the industry.

In the field of electronic toll collection for smart transportation, electronic toll collection for expressways in China started relatively late, and began to be implemented on a pilot basis in 2005. In recent years, the General Office of the State Council, the National Development and Reform Commission and the Ministry of Transport have successively issued policies to encourage and support the development and application of ETC, and the industry has achieved rapid development. At present, ETC is the most important toll collection method for toll roads in China. With the continuous improvement of the national network toll collection mechanism, the continuous expansion of application scenarios and the continuous improvement of technical level, the application of ETC is moving towards the 2.0 stage. According to the statistics of the Ministry of Public Security, by the end of June 2023, there were 328 million cars in China and 16.2 million new energy vehicles. In the first half of 2023, there were 16.88 million newly registered motor vehicles nationwide, a year-on-year increase of 1.9%; According to the relevant data released by china automobile dealers association, in the first half of 2023, the national second-hand car transaction volume was 8.77 million. Overall, there is still much room for development in this subdivision.

3, the company’s industry status

After years of development, the company has actively expanded the national market by virtue of its industry-leading technical advantages, product advantages and operational advantages, and has now become a leading supplier of intelligent transportation platform solutions for expressways, trunk roads and urban transportation.

(1) The first listed company in the industry and the national benchmark for the reform of state-owned enterprises.

In September, 2022, the company was successfully listed on Shenzhen Stock Exchange, becoming the first listed company in the ETC distribution service industry in China, laying a solid foundation for making better use of the capital market to promote the high-quality development of enterprises. The company is a national "science and technology reform demonstration enterprise", Jiangsu "small double hundred" comprehensive reform enterprise and Jiangsu mixed ownership reform enterprise, making full use of the reform policy and capital market advantages, and has established a sound corporate governance structure and market-oriented operation mechanism. After being evaluated as "excellent" enterprises by the State Council State-owned Enterprise Reform Office for two consecutive years in 2020 and 2021, the achievements of reform practice were evaluated as "benchmark" enterprises (20/159) in 2022, which became a model for the reform of state-owned enterprises.

(2) The total number of 2)ETC issuing users ranks among the top three in China.

The company is the only ETC distribution service organization in Jiangsu Province, taking the lead in realizing Internet distribution in the industry and realizing the nationwide distribution of distribution business. By the end of June 2023, the company had developed about 23.058 million ETC users nationwide, ranking the top three in the country in terms of total users. The company now has a strong level of software technology, and has established a relatively perfect user service system and channel operation system.

(3) The scale of "ETC+" businesses such as parking lots has grown rapidly.

As the only main implementation unit of the provincial demonstration area of ETC smart parking in China, the company is based in Jiangsu and has a nationwide layout, deepening the integration and development of high-speed dynamic smart transportation and urban static smart transportation, adhering to the ETC strategy of "going down to the city", and initiating the overall solution of "electronic fence" technology for ETC smart parking business in China, and promoting the application of ETC charging system in large transportation hubs, as well as smart parking lots in different scenes such as hospitals, universities, commercial complexes, tourist attractions and residential properties. In the field of smart transportation derivative business, the company has built a comprehensive ecosystem of smart transportation and continuously innovated its business model, which has great potential for future development.

(4) The business of intelligent transportation operation management system is in the leading position in the industry.

In the field of intelligent transportation operation and management, the company is in a leading position in the industry, closely following the management and service requirements of the transportation industry, and has successively developed a series of cloud control products, taking the lead in realizing the "cloud" of business in the industry, promoting the national leading level of Jiangsu’s high-speed intelligence, and has been applied in highway networks in 20 provinces across the country such as Guizhou, Hebei and Henan, realizing the national market layout of business. The cloud series products developed by the company based on the cloud network convergence architecture have realized the convergence and sharing of data resources and effective collaboration of business applications, enhanced the emergency command and decision-making ability of traffic operation management, improved the efficiency and safety level of road network operation management, and provided all-round and accompanying information services for the public, constantly promoting the intelligent and digital transformation of expressway industry.

Second, the core competitiveness analysis

(A) technical advantages

1. Establish a "self-centered, self-controllable, open, integrated, flexible and efficient" R&D system to create the source of key core technologies.

The company is committed to the innovation and development in the field of digital transportation, constantly improving its scientific research capabilities, establishing a scientific research and development system that is "self-centered, self-controllable, open, integrated, flexible and efficient", focusing on three business scenarios of intelligent transportation command and dispatch, operation service and comprehensive management, and has successively launched a number of scientific and technological innovations that "lead the direction of the industry, promote transportation reform and subvert the traditional model". Many scientific and technological innovations are at an advanced level in the industry and have formed a "smooth line" By June 2023, the company had acquired 291 intellectual property rights, including 23 invention patents, 73 utility model and appearance patents and 195 software copyrights. During the reporting period, the company obtained the "AAA Credit Enterprise" certification, completed the ISO27001 information security management system certification, and passed the ISO9001 quality management system, ISO20000 information technology service management system and CMMI five-level software capability maturity management system certification. The company led the preparation of the group standard "Jiangsu ETC Smart Parking Construction Specification", which has passed the outline review of Jiangsu Comprehensive Transportation Society; Leading the preparation of the local standard "ETC Smart Cloud Parking Management Construction Specification", which has passed the pre-examination of Jiangsu Provincial Department of Transportation.

2. Build a "1+1+1+N" intelligent ecological alliance and build an ecological system of digital transportation scientific research cooperation.

The company has built a "1+1+1+N" intelligent transportation ecological alliance and continuously expanded the "circle of friends" for scientific research cooperation. Strengthen exchanges and cooperation with authoritative scientific research institutions, solve all kinds of "stuck neck" technical problems, and achieve important scientific research and technology research. Strengthen cooperation with well-known colleges and universities, and carry out academic, theoretical and practical multi-dimensional systematic research on key projects. Sign a talent training plan with the software laboratory of Nanjing University, carry out talent introduction and training, and build a software testing and data application laboratory; Cooperate with Nanjing University of Posts and Telecommunications to carry out research on traffic knowledge maps and other fields. Strengthen cooperation with well-known industrial Internet enterprises, realize cross-industry, cross-field and inter-departmental collaborative development mechanism, and jointly build an ecosystem of digital transportation scientific research cooperation. Cooperate with (), Huawei, Tencent Cloud, Shangtang Technology, Qingyun Technology and China Communications Hyde to set up six laboratories, namely, toll station digital twin joint laboratory, 5G edge equipment joint laboratory, industry application center joint laboratory, high-definition video cloud application joint laboratory, smart view joint laboratory and road and meteorological digital early warning joint laboratory. The company has become a strategic partner with () and ZTE to promote the innovative development of the transportation industry in terms of new technologies, new models and new applications.

3, build new infrastructure, rich achievements in scientific and technological innovation.

In line with the strategic deployment of the national "new infrastructure" and the requirements of the times, we will further improve the new digital transportation infrastructure technology architecture based on "cloud control", "smart network" as the transmission mode, "smart edge" as the calculation carrier, "smart end" as the IOT unit, and "cloud-network-edge-end" as a whole, so as to promote the digital transformation and intelligent upgrade of expressway network, and promote the automatic driving. The company is recognized as a national high-tech enterprise, a top 10 digital transportation enterprise in Jiangsu Province, a key software enterprise encouraged by the state, a leading enterprise in the high-quality development of modern service industry in Jiangsu Province, an engineering technology research center in Jiangsu Province, an engineering technology research center for smart high-speed travel service and operation in Jiangsu Province, an engineering technology research center for smart transportation cloud services in Jiangsu Province, and a Samsung Shangyun enterprise in Jiangsu Province. The core technology product "Dispatching Cloud" was selected as "Excellent Case of Digital Transformation of State-owned Enterprises in China"; "Digital Innovative Application of Highway Collaborative Command and Dispatching Cloud Service Platform" was selected as a typical case of digital transformation of listed companies in China; "SD-WAN Full Coverage Networking" was selected as an excellent case of "Cloud Computing Standards and Open Source Promotion Conference" and included in "Top Ten Symbolic Projects of Smart Jiangsu"; "Cloud-network-edge-end" digital new infrastructure project and "ETC ecological operation platform" project won the second prize of China traffic investment and financing innovation; "Jiangsu High-speed Brain" was selected as a pilot demonstration project for the development of big data industry in Jiangsu Province; "Jiangsu Expressway’s Integrated Digital Governance and Intelligent Decision-making Platform for Building, Managing and Supporting Services" is included."Smart Jiangsu Key Project" and "Top Ten Symbolic Projects of Smart Jiangsu", and won the "2023 China Expressway Informatization Annual Selection-Best Product" award from China Highway Society; "Eye on the Road-Video AI Intelligent Platform" was selected as an innovative product of artificial intelligence integration in Jiangsu Province in 2022; The project "Research and Demonstration on Key Technologies of Expressway Cloud Audit Management" was selected as the second prize of Science and Technology Award of Jiangsu Comprehensive Transportation Society.

(B) Market application advantages

In the field of intelligent transportation segmentation, the company has always been deeply involved in the Jiangsu market, and actively expanded the national market by virtue of industry-leading technological advantages, product advantages and operational advantages. By the end of June 2023, the company had developed about 23.058 million ETC users nationwide, covering 30 provinces and cities across the country, with the total number of users ranking among the top in the country. With "ETC+" as the core, a comprehensive intelligent transportation ecosystem in vertical areas such as ETC+ highway, parking, refueling, supply chain service and road economy has been built.

In the business field of intelligent transportation operation management system, based on the advantages of independent technology, after years of operation, the company has rich experience in project implementation and achieved a lot of excellent project results. The company actively implements the development strategy of digital economy, develops and promotes digital technology products, and has formed mature business models and products, which have been extended to 20 provinces across the country, providing intelligent solutions for the "new infrastructure" of national transportation. Rich product market application experience provides a strong competitive advantage for the company to expand its business and further develop in the future.

(C) Strategic synergy advantages

The company makes full use of the advantages of resources, scenes and business in Jiangsu Road Network to create a "test field" and "incubation area" for innovation and creation, promote the incubation and transformation of scientific and technological innovation achievements in the internal market, form mature experiences and models, export them to the national market, and create a smooth internal and external dual-cycle industrial development system; Establish capital and business cooperation relations with China UnionPay, (), Nantong Transportation Group and Tencent, and exert strategic synergy with the advantages of resources, technology and scenarios of each shareholder; Establish good and close cooperative relations with more than ten financial institutions such as Industrial and Commercial Bank of China, Bank of China and China Construction Bank, further promote the integrated development of consumption scenarios and financial services, and enhance the depth and breadth of the company’s services in the field of "transportation+"; Vigorously carry out scientific and technological innovation exchanges and strategic cooperation, and establish strategic partnerships with well-known enterprises such as China Telecom, Huawei, Hikvision, ZTE, Tencent Cloud, Shangtang Technology, Qingyun Technology and China Communications Hyde to promote the innovative development of the transportation industry in new technologies, new models and new applications; Strengthen cooperation with well-known universities such as Nanjing University, Southeast University and Nanjing University of Posts and Telecommunications, and jointly set up a "think tank brain" with scientists, industry experts and college professors to carry out academic, theoretical and practical multi-dimensional systematic research on key projects and form a reproducible, producible and exportable guiding scientific research plan.

(D) Management advantages

Through years of reform and development, the company has established a complete and effective management system and mechanism, the governance structure is more perfect, the decision-making mechanism is more efficient, the market-oriented selection and employment mechanism is more flexible, the market-oriented incentive and restraint mechanism is more perfect, and the kinetic energy of scientific and technological innovation is effectively stimulated. At present, the company has a professional, mature and stable core team with rich industry experience, technical experience and management experience, which can seamlessly connect the whole process of customer demand, product design, R&D and maintenance services, and has excellent business execution and product realization capabilities. The company’s R&D team has always followed the forefront of industry and technology development, followed the direction of industry development, and constantly learned from industry development, integrating advanced product development and design ideas into the company’s products, providing solid support for the company’s development.

In the reform of state-owned enterprises, the company has become a benchmark for the reform of state-owned enterprises, and the reform practice of "Demonstration Action of Scientific Reform" has been selected as an excellent case of the State Council SASAC; The three-year action case of state-owned enterprise reform was selected as a typical case of Jiangsu SASAC. The company was once again selected as one of the national "scientific reform enterprises" and launched a new round of scientific reform action (2022-2025), which will make full use of the new round of reform policies and opportunities, continue to deepen the reform of the system and mechanism, further stimulate the vitality of enterprise development and promote the high-quality development of enterprises.

Iii. Risks faced by the Company and Countermeasures

1. Risk of policy change

With the sustained and rapid development of China’s economy, the demand for residents’ life and travel is increasing day by day, and the smart transportation industry has developed rapidly. Since the State Council’s "Government Work Report" in 2019 proposed that the provincial toll stations of national expressways should be basically abolished within two years to realize fast toll collection without stopping, the State Council, the National Development and Reform Commission and the Ministry of Transport have successively issued a series of policies to encourage the related construction of non-stop toll collection, creating a good environment for the rapid and healthy development of enterprises in the industry.

Although the medium-and long-term planning of the country has clearly focused on the development of the intelligent transportation industry, and the supporting policy of the country for non-stop charging has a strong practical basis and social needs for a long time, if the government’s supporting policies for intelligent transportation related fields, especially ETC technical routes, are adjusted or the pace of implementation is uncertain in the future, the company’s operating performance will be affected to some extent.

In view of the above risks, the company will pay close attention to policy changes, strengthen strategic layout, optimize business structure, increase R&D investment and scientific and technological innovation, actively expand new commercial application fields and business models, enhance the company’s anti-risk ability and sustainable development ability, and maintain its leading position in the industry.

2. Industry competition intensifies risks.

As one of the important fields of intelligent transportation, ETC industry is becoming more and more market-oriented, and the market competition pattern is in a stage of rapid change. At present, the company is the only authorized ETC issuer in Jiangsu Province. Although it has established a perfect online distribution channel and can realize nationwide ETC issuance, it has not yet established an offline ETC issuance service network outside Jiangsu Province. Due to factors such as local car owners’ habit of choosing to handle ETC business in their permanent residence, there is still great competitive pressure for the company to handle ETC issuance business outside Jiangsu Province. If there are major changes in the future industry policies, industry norms and market competition pattern, the company’s ETC issuance and sales market share is at risk of being seized by competitors.

In the field of intelligent transportation business, although the company took the lead in developing a series of products such as cloud control platforms in the industry, which have the first-Mover advantages in products and services and have a high market share, on the one hand, there are companies engaged in similar businesses in all provinces, which have certain market resources and regional service advantages in the local area. In the future, with the improvement of technology and service capabilities of such companies, the company will face greater market competition when further exploring the national business market; On the other hand, the relatively high profit margin of the smart transportation industry also attracts other enterprises to enter the industry through infiltration, merger and reorganization, industrial transformation, etc., and there is a risk of intensified competition in the industry in the future.

In view of the above risks, the company will seize the strategic opportunity of digital economy countries, strengthen industry research and market insight, use the deep understanding of smart transportation industry and business, improve the accuracy of understanding user needs and the foresight of market trends, give play to the advantages of technological innovation, enrich product development matrix, and provide customers with all-round solutions; Improve the marketing promotion system, vigorously expand the national product market, expand brand influence, consolidate and increase market share, and enhance market comprehensive competitiveness; Strengthen industry exchanges and technical cooperation, actively build a diversified ecosystem of partners, and build a "moat" with continuous R&D and innovation capabilities.

3, technology update risk

The development of intelligent transportation industry needs to effectively integrate advanced information technology, data communication and transmission technology, electronic sensing technology, electronic control technology and computer processing technology on the basis of perfect infrastructure, so as to establish a real-time, accurate and efficient intelligent transportation operation and management system that plays a role in a wide range and in all directions. This industry has the characteristics of fast technology update. If the company can’t accurately grasp the technology development trend of the industry and follow up the direction of technology research and development in the future, or the speed of product research and development can’t match the demand of the industry and competent departments for technology update, the company’s market competitiveness and sustainable development will be adversely affected.

In view of the above risks, the company will pay close attention to the dynamic development of technologies in emerging fields, dynamically optimize and adjust the technology planning and research and development direction of new technologies according to the changes in market demand and technology development, strictly manage the research and development and application process, and strengthen the collaborative development workflow of technologies and products; At the same time, the company will continue to increase investment in R&D, strengthen the construction of technical personnel, introduce outstanding technical personnel and integrate internal R&D forces, improve the incentive mechanism for R&D personnel, actively promote the transformation of technological R&D achievements, maintain the overall leading edge of technical teams, and consolidate the leading position in the industry in major business-related technologies.

　　Xinhua News Agency, Beijing, October 27th Title: Eliminate the pain of medication, the worry of vaccine and the trouble of "medical trouble" — — China speeds up medical and health legislation to "prescribe medicine" for chronic medical problems.

　　Xinhua News Agency reporter Tian Xiaohang

　　The problem vaccine cases are shocking. Fake drugs and high-priced drugs make patients look forward to "medicine", and frequent "medical troubles" hurt "doctors" and "patients". In order to get rid of these persistent medical problems, the draft law on basic medical care and health promotion, which was submitted to the National People’s Congress Standing Committee (NPCSC) for the second review a few days ago, puts forward that the personal safety and personal dignity of medical and health personnel should not be violated, a whole-course drug traceability system should be established, and a planned vaccination system &hellip should be implemented; … Safeguarding the rights and interests of doctors and patients with the rigid constraints of law.

　　Crack down on "medical trouble": the practice place of medical and health institutions is a public place.

　　On September 22nd, three obstetricians and gynecologists in Peking University First Hospital, including He Yingdong, were beaten by the patients’ families while on duty, and the problem of "medical trouble" was once again pushed to the forefront of public opinion.

　　According to the White Paper on Physicians’ Practice in China released by the Chinese Medical Doctor Association in early 2018, only 34% of physicians have never personally experienced violent medical injuries. In recent years, from "medical trouble being punished" to multi-department joint punishment, the state has frequently cracked down on "medical trouble", but it is still difficult to eliminate the phenomenon of violent injury to doctors.

　　The second draft of the draft law on basic medical care and health promotion proposes that the personal safety and personal dignity of medical and health personnel are inviolable and their legitimate rights and interests are protected by law. The practice place of medical and health institutions is a public place providing medical and health services, and no organization or individual may disturb its order.

　　"In order to maintain the normal medical order and the professional rights and interests of medical and health personnel, and ensure that patients have a good medical environment and medical rights, it is necessary and urgent to clarify the legal attributes of medical and health institutions." Deng Yong, an associate professor in the Department of Law of Beijing University of Chinese Medicine, believes that defining the practice places of medical and health institutions as public places is conducive to the better connection between the law and the punishment law for public security administration, and the public security organs can enforce the law more effectively to crack down on "medical troubles" according to law.

　　To reduce violent injuries to doctors, in addition to protecting the rights and interests of medical and health personnel, it is necessary to reduce the contradiction between doctors and patients in a multi-pronged manner to prevent problems before they occur.

　　Protect the rights and interests of patients. The second draft of the draft puts forward that citizens have the right to informed consent on matters related to illness, diagnosis and treatment plan, medical risks, medical expenses and so on when receiving medical and health services. Citizens have the right to voluntarily participate in clinical trials of drugs and medical devices and other experimental medical research according to law and enjoy informed consent.

　　Strengthen the management of medical institutions. The second draft of the draft proposes that the state should establish a medical dispute prevention and handling mechanism to properly handle medical disputes and maintain medical order. Medical and health industry organizations and medical and health institutions shall strengthen the education of medical ethics for medical and health personnel. Medical and health personnel shall not take advantage of their positions to ask for, illegally accept property or seek other illegitimate interests.

　　"It is necessary to really get rid of profit-seeking factors such as taking medicine to support doctors, over-medical treatment, over-examination and setting income-generating indicators for hospitals, so that public medical care can return to public welfare." Deng Yong said that the fundamental solution to the problem of "medical troubles" depends on continuously deepening the reform of the medical and health system, effectively solving the problems of difficulty and high cost of medical treatment, and improving the salary and treatment of medical and health personnel and patients’ medical experience.

　　Let the masses use the rest assured drugs: establish the whole process traceability system of drugs

　　Selling more than 30 kinds of fake anticancer drugs to 30 provinces in China, a box of drugs can make a maximum profit of 10 thousand yuan, and the amount involved exceeds 10 million yuan … … A huge case of manufacturing and selling counterfeit drugs in Shenzhen exposed the defects in the field of drug quality and safety supervision in China.

　　In order to let the people use the rest assured drugs, the second draft of the Basic Medical Care and Health Promotion Law has a special chapter, which makes detailed provisions on the related issues of "drug supply guarantee".

　　It is clear from the second draft that the state will improve the supply capacity of essential drugs, strengthen the quality and safety supervision of essential drugs, and ensure the fair, accessible and rational use of essential drugs. The state improves the drug supply guarantee system, establishes a coordination mechanism for drug guarantee, and coordinates the research and development, production, circulation, use, evaluation and supervision of drugs to ensure the safety, effectiveness and accessibility of drug use by citizens.

　　Enterprises produce "medicine for conscience" and pharmacies don’t sell "medicine for black heart", so people can use "medicine for rest assured". The risk of drug quality and safety exists in the whole life cycle of drug research and development, production, circulation, management and use. To this end, the second draft of the draft proposes that the state should strengthen the management of drugs and establish a whole-course traceability system for drugs to ensure the quality and safety of drugs.

　　"The whole process of traceability can realize that the source of drugs can be traced, the destination can be traced, and the responsibility can be investigated." Yan Jianzhou, a project researcher at the National Drug Policy and Pharmaceutical Industry Economic Research Center of China Pharmaceutical University, said that in the event of drug quality and safety problems, the whole traceability system can also control the scope of influence, recall related products, find out the reasons in time, and protect the rights and interests of the people.

　　The phenomenon of winning the bid at ultra-low price in the bidding of essential drugs also brings hidden dangers to the quality of drugs. Experts generally believe that this kind of behavior seriously affects the normal supply of clinical drugs and has a greater degree of social harm. Therefore, we should increase the punishment and increase the illegal cost.

　　To this end, the second draft of the draft clearly States that the state strengthens the supervision and management of centralized drug procurement, and bidders participating in drug procurement bidding shall not bid at a price lower than the cost. The second draft review also strengthened the legal responsibility of bidders who participated in drug procurement bidding at a price below the cost in violation of the law.

　　In recent years, there are frequent local and structural shortages of clinically necessary drugs such as protamine and mitomycin. How to eliminate the pain of "waiting for medicine to save lives"

　　The second draft of the draft proposes that the state publishes the list of essential drugs, and dynamically adjusts the list of essential drugs according to the clinical application practice of drugs, changes in drug standards, and the new listing of drugs.

　　"Dynamic adjustment can make the newly approved drugs with significantly improved efficacy and reasonable price enter the catalogue in time to ensure the accessibility of patients." Yan Jianzhou said that drugs whose clinical effects no longer have comparative advantages or have quality and safety problems can also be transferred out of the catalogue in time through dynamic adjustment, so that the safety of patients’ medication is guaranteed.

　　Resolving vaccine anxiety: the state implements a planned vaccination system.

　　Changchun Changsheng Biotechnology Co., Ltd. illegally produced rabies vaccine and other vaccine cases, which exposed loopholes and potential risks in the supervision of vaccine production and use, and caused continuous concern of public opinion.

　　In order to dispel the public’s doubts and worries, the second draft of the Basic Medical Care and Health Promotion Law proposed that the state implements a planned vaccination system, and citizens have the right and obligation to receive the national immunization program vaccine according to law. Vaccines used for vaccination should be produced in strict accordance with good manufacturing practice, meet the national drug standards, and ensure safety and effectiveness.

　　The second draft of the draft also proposed that the state should implement a vaccination certificate system for children. When children enter nursery schools, nursery institutions and schools shall examine vaccination certificates, and if they find that they have not been inoculated according to the national immunization plan, they shall report according to law, and cooperate with relevant units to urge their guardians to replant in time after children enter nursery schools and schools.

　　Deng Yong believes that raising some contents of vaccine-related administrative regulations and rules into law can realize the scientificity, completeness and rationality of legislation; Defining the responsibilities of all parties in the process of vaccine use in law will also help to avoid the occurrence of vaccine fraud and adverse reactions.

　　The reporter learned that the revised draft of the Drug Administration Law, which was submitted to the National People’s Congress Standing Committee (NPCSC) for deliberation for the first time a few days ago, also listed separate provisions to strengthen the supervision of vaccines and other special drugs. For example, in the process of vaccine development, production, circulation and vaccination, information technology should be used to collect and retain traceability information. The holder of the marketing license of the vaccine shall be insured in accordance with the relevant provisions of the state.

　　Vaccines are involved in many places in the revised draft of the Drug Administration Law. For example, vaccines, blood products, narcotic drugs, psychotropic drugs, and toxic drugs for medical use may not be commissioned for production, except in cases where the drug supervision and administration department of the State Council stipulates that the production can be commissioned. The pharmaceutical supervisory and administrative department shall focus on supervision and inspection of biological products such as vaccines. In addition, the revised draft comprehensively increases penalties, and clarifies that six types of illegal acts, such as the production and sale of vaccines belonging to counterfeit drugs and inferior drugs, will be severely punished within the statutory scope.

A few days ago, Chezhi. com learned from relevant channels that HarmonyOS Zhixing will launch a variety of new cars in 2025, including the M8 that has already exposed the patent application map. It is reported that the new car will be unveiled before the end of the year, and the official listing and delivery time will wait until 2025.

In terms of appearance, it is not difficult to see through the declaration map that the new car will provide two front face designs to choose from. Among them, the first patent application scheme adopts ring lamp group; The second declaration scheme is a relatively traditional through-lamp group design. The overall outline is close to the M9 style of the world, creating a relatively strong gas field. In detail, the top of the vehicle in both declaration schemes is equipped with lidar.

The vehicle side transition is relatively straight and regular, which is conducive to improving the utilization of the interior space. Presumably, it is expected to adopt 6-seat and 7-seat layouts. By naming, it is not difficult to see that the product positioning of the new car will be between M7 and M9.

At present, 3D renderings based on patent application drawings have also spread on the Internet. Although there are few details, the overall outline and highlight design are basically displayed. It is rumored that the M8 will lead a new generation of family-style design language. Compared with the two SUV models owned by HarmonyOS Zhixing, the visual perception is more scientific and luxurious.

Interior spy photos do not have too much reference significance, because of the high degree of camouflage, it is difficult to see the specific design details. The M8 will continue to be equipped with the extended range power system, but the specific parameters have not been announced yet. For more news about the new car, the car quality network will continue to pay attention to and report.

　　On April 28th, the first quarterly report of 2022 released by Shouyao Holdings recently triggered a heated discussion, in which the operating income was only 707 yuan, down 99.98% year-on-year. Some investors teased whether the unit "10,000 yuan" was misspelled. Yinshi Finance reporter noticed that there was market news that the staff suspected of holding the first drug revealed in a pharmaceutical industry exchange group that the above income was "selling a second-hand incubator". Regarding the above-mentioned news about the sale of incubators, the relevant person of the Securities Department of Shouyi Holding told reporters that the specific business situation will be verified with the Finance Department, which may indeed be like the news that the reporter saw. At the same time, it said that the company is mainly engaged in the research and development of new drugs, including anticancer drugs and type II diabetes. At present, the fastest product is clinical phase II/III, and there are no commercial products approved for listing. At present, the company does not have main income. I hope that everyone will pay more attention to the company’s research and development progress. The reporter learned from the industry that pharmaceutical companies are in a special situation. Article 5 of the science and technology innovation board Listing Standard allows pharmaceutical companies to declare IPOs when their core products enter the second phase of clinical trials. Therefore, it is not uncommon for products to be commercialized and their revenues to be low. (Yinshi Finance)

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　　Shouyao Holdings released its first quarterly report after listing: its revenue in a single quarter was 708 yuan, and its market value was less than 3 billion yuan.

　　On April 27th, Shouyao Holdings -U(688197,SH) (hereinafter referred to as Shouyao Holdings) released its first quarterly report after listing. In the first quarter of this year, the company’s revenue was only 707.96 yuan and its net profit loss was 50.6623 million yuan. The listed companies’ revenue less than that of 1000 yuan in a single quarter also triggered a heated discussion among investors.

　　However, there are indeed special reasons for Shouyao Holdings to hand over such transcripts. Up to now, the company’s products are in the research and development stage, and there are no drugs approved for marketing. However, on the other hand, the lack of performance support makes it difficult for the share price of Shouyao Holdings to perform well. On the face of it, the company’s share price broke on the day of listing and has continued to fall since then. Up to now, the total market value of the company’s shares has been less than 3 billion yuan, which is different from the "estimated market value of not less than 4 billion yuan" required by the fifth set of listing standards in science and technology innovation board.

　　Single-quarter loss expansion

　　According to the first quarterly report of Shouyao Holdings in 2022, the company achieved a revenue of 7.0796 yuan, down 99.98% year-on-year, and a net profit loss of 50.6623 million yuan. In the first quarter, the company’s R&D investment totaled 46.1181 million yuan, a year-on-year increase of 40.40%. In the first quarter of last year, the revenue of Shouyao Holdings was 4 million yuan and the net profit loss was 34.6864 million yuan. In the second, third and fourth quarters of last year, the company’s net profit lost 34.9066 million yuan, 34.323 million yuan and 41.0053 million yuan respectively. In contrast, the company’s losses in the first quarter of this year have expanded.

　　Previously, Shouyao Holdings stated in the listing announcement that, in combination with the actual operating conditions, it is estimated that the company will realize an operating income of 0,000 yuan to 2 million yuan from January to March, which is mainly affected by factors such as the progress of cooperative drug research and development; With the increase of R&D investment, it is estimated that the company will still be in a loss state from January to March, with a net profit of-50 million yuan to-30 million yuan. The actual performance of the company in the first quarter is basically in line with the above forecast.

　　"Where did you earn 707.96 yuan? Sell waste paper and old office furniture? " "The revenue is not enough for my utilities" and "Will this quarterly report be a bit too ridiculous" … Investors in the stock bar have some complaints about this.

　　For the sharp decline in performance in the first quarter of this year, listed companies said that the company’s revenue from drug cooperative development has not yet reached the settlement period during the reporting period, and the revenue from drug cooperative development has not been confirmed in this period, a decrease of 4 million yuan compared with the same period of last year.

　　On the afternoon of April 28th, the reporter of national business daily called the Secretary-General’s Office of Shouyao Holdings. Relevant persons said that at present, the company is still in the research and development stage, and there is no real product listing and commercial sales, which makes the company not form a large-scale revenue.

　　Shouyao Holdings is a small molecule innovative drug company in the clinical research stage, and its research and development pipeline covers key tumor indications such as non-small cell lung cancer, lymphoma, hepatocellular carcinoma, pancreatic cancer, thyroid cancer, ovarian cancer, leukemia and other important disease fields such as type II diabetes. Previously, the company also clearly stated in the prospectus: "At present, the company has no products listed, and there is no drug sales revenue, and there is still great uncertainty about whether and when the products can be listed. The company will not be able to generate product sales revenue in a certain period of time in the future."

　　It is reported that the core products SY-707 and SY-3505 of Shouyao Holdings are ALK (anaplasticlymphomakinase) inhibitors; Among them, SY-707 belongs to the second generation ALK kinase small molecule inhibitor, which has been approved by National Medical Products Administration Drug Evaluation Center, and can apply for conditional approval for marketing after the results of Phase II clinical trials reach expectations.

　　For the research and development progress of the company’s products, the above-mentioned people of Shouyi Holdings believe that the progress of new drug research and development cannot give a clear timetable, after all, it is accompanied by greater research and development risks; However, the company will disclose the R&D progress at the corresponding time node according to the relevant requirements of science and technology innovation board.

　　The market value has shrunk significantly.

　　It is worth mentioning that Shouyao Holdings was not listed by virtue of its performance conditions. "The company is an innovative drug research and development enterprise that applies the fifth set of listing standards." The company once said so. The fifth set of listing standards in science and technology innovation board is: "The estimated market value is not less than 4 billion yuan, and the main business or products need to be approved by the relevant state departments, with a large market space. At present, it has achieved phased results and obtained a certain amount of investment from well-known investment institutions. Enterprises in the pharmaceutical industry need to obtain at least one second-phase clinical trial approval for a first-class new drug, and other enterprises that meet the positioning of science and technology innovation board need to have obvious technical advantages and meet the corresponding conditions. "

　　Judging from the short-term performance of the first drug holding stock after listing, the company has drifted away from the market value of 4 billion yuan.

　　In March this year, Shouyao Holdings completed the listing and issuance, and the company issued 37.18 million shares, with the issue price of 39.90 yuan per share, the total raised funds was 1.483 billion yuan, and the net raised funds was 1.374 billion yuan. On March 23rd, the company’s stock was officially listed in science and technology innovation board.

　　However, the share price of Shouyao Holdings broke on the first day of listing, once rebounded to 35.98 yuan/share, and finally closed at 32.11 yuan/share. Since then, the company’s share price has also continued to decline. As of the close of April 28th, the company’s share price closed at 17.97 yuan/share, with a total market value of 2.672 billion yuan.

　　The Long March 4 C-Yao 51 carrier rocket ignited and lifted off at Taiyuan Satellite Launch Center. Photo courtesy of photochina Aerospace Science and Technology Group

　　At 6: 41 on March 10, 2023, the Long March-4 C-51 carrier rocket blasted off from Taiyuan Satellite Launch Center, and successfully put Tianhui-6 A/B star into the scheduled orbit with one arrow and two stars. The launch mission was a complete success.

　　The Paper reporter learned from the Eighth Academy of China Aerospace Science and Technology Corporation that the Long March 4 C carrier rocket carrying out this launch mission is a three-stage liquid carrier rocket at room temperature developed by the Eighth Academy. According to different types of satellites, the Long March 4 rocket can adopt flexible launch schemes, and has the ability to launch various types of satellites with different orbital requirements. It can launch one arrow, one satellite or multiple satellites, and its solar synchronous circular orbit carrying capacity can reach 3 tons (orbital height is 700 kilometers). The satellite launched this time was developed by Dongfanghong Satellite Co., Ltd., which belongs to the Fifth Academy.

　　Transshipment of canopy assembly

　　This launch is the first launch mission in the field of transportation in the Eighth Hospital after the Spring Festival, and it is also the first flight of Chang-4 model with attitude control and full redundancy design. In order to complete the task under the current high-density launch situation with higher quality and efficiency, Chang-4 model upgraded the attitude control engine products from the aspects of manufacturability, reliability and safety, and at the same time realized the redundancy of three-channel attitude control actuators in the nonlinear section, and the reliability was further improved.

　　Taiyuan in March is experiencing a late spring cold, and the lowest temperature once reached -21℃. With the strong cooperation of the launch site, the model test team has done a good job in thermal insulation measures for the arrow body and staff by sealing the bottom tower, increasing the air supply temperature, and sticking thermal insulation layers on the fairing and transition cabin.

　　For the first time, the model characteristic logo was published on the body of this rocket. One horizontal arrow is a landmark building in Shanghai, representing the birthplace of the rocket.

　　It is worth mentioning that the model characteristic logo is also disclosed for the first time on the arrow body of this invention, and the Arabic numeral "4" full of design sense shows the unique imprint of this gold medal rocket. Among them, yiheng is a landmark building in Shanghai, representing the birthplace of rockets; A vertical outline of the shape of the Changsi rocket; The two are connected by a beautiful three-stage trajectory of the Changsi rocket, which represents the characteristics of the model three-stage rocket; The two stars represent the honor that Changsi model won the national special prize for scientific and technological progress twice.

　　This launch is the 97th launch of cz-4, the 183rd launch of the Long March series of launch vehicles developed by the Eighth Academy, and the 465th launch of the Long March series of launch vehicles.

　　Reference News Network reported on May 29 (Text/Liu Tong Rui Sike)The old horse finally made a move, and even burned two fires.

　　According to Singapore’s Lianhe Zaobao on the 28th, newly elected Malaysian Prime Minister Mahathir confirmed on the same day that the Malaysian government had decided to terminate the high-speed rail plan from Kuala Lumpur to Singapore.

　　A few days ago, Mahathir just announced that he would reassess the East Coast Railway Project.

Mahathir

　　Coincidentally, these two projects led by the former Malaysian government have one thing in common — — Are related to enterprises in China:

　　The East Coast Railway Project was undertaken by China Jiaojian, with loans mainly provided by The Export-Import Bank of China. One of the strong bidders for Xinlong High-speed Railway is also from China.

　　As a result, this "coincidence" has become a new "evidence" for some foreign media to speculate on "Malaysia’s China policy turn" in recent days.

　　But is this really the case?

　　I believe that after reading this tweet, you will have your own answer.

　　The Malaysian political situation has changed, and the China project has been "lying down"

　　"This is the final decision." At the press conference held on the 28th to announce the decision to terminate the Xinlong high-speed rail project, Mahathir said categorically.

　　The reason he gave was that the project "can’t bring us a penny of income".

Mahathir at the press conference

　　Lianhe Zaobao said that Singapore and Malaysia signed a bilateral agreement on Xinlong high-speed rail in Kuala Lumpur on December 13, 2016. If Malaysia defaults, it must pay a huge sum of money.

　　As the name implies, the Xinlong high-speed railway will connect Singapore with Kuala Lumpur, Malaysia, with a total length of 350 kilometers. Before being stopped, the project bidding has not yet ended. If it is completed, it will only take 1 hour and 30 minutes for passengers to travel between Kuala Lumpur and Singapore by high-speed train.

　　Although the specific cost amount of Xinlong High-speed Railway has never been disclosed, Bloomberg pointed out in a report on the 28th that Mahathir claimed to stop the project to avoid "bankruptcy" of the country because of too much investment and too little income.

　　It is reported that Mahathir said that he would renegotiate the East Coast Railway Project with China for the same reason.

Bloomberg report screenshot

　　As the largest project currently under construction in Malaysia, the East Coast Railway Project has a total length of 688 kilometers and a cost of 13.8 billion US dollars. It crosses the Malay Peninsula and connects Kuala Lumpur with Kelantan in the north. The groundbreaking ceremony of the project was held in August last year, and the construction period is expected to be from 2017 to 2024.

　　Reuters quoted Mahathir as saying that Malaysia is expected to reduce nearly one-fifth of its $250 billion national debt and debt by canceling large-scale projects.

　　At the same time, foreign media pointed out that Mahathir’s move was directed at former Prime Minister Najib — — After being sworn in, Mahathir immediately ordered a re-investigation of Najib’s "one horse case". Previously, Najib was accused of misappropriating funds from Yima Company.

　　According to the analysis of Nikkei Chinese Network on 16th, Mahathir’s background of accelerating the investigation of Najib’s responsibility is that he hopes to maintain people’s expectations of the new regime by quickly responding to the corruption problem with strong national dissatisfaction, so as to push the regime operation onto the track.

　　However, whether it is to reduce the national debt or to start the first shot of anti-corruption, in the eyes of individual foreign media, these reasons do not seem important.

　　As reported by CNBC on May 10th, USA, it was very definitely announced that the Malaysian election results were shocking and the China project would be affected.

　　The report also quoted a Japanese economist as saying that it was "not surprising" that the China project was affected.

Concept map of Xinlong high-speed railway station

　　Yesterday, Mahathir’s latest statement made foreign media once again speculate on the fate of the China project.

　　Even the Xinlong High-speed Railway, whose bidding has not yet ended, has been directly classified as "China Project".

　　"Mahathir stopped the high-speed rail plan and the impact involved China." The Nikkei Chinese website reported on this topic on the 29th. You know, Japan was one of the most promising countries to win the bid for the Xinlong high-speed railway.

　　Compared with the anxiety of Japan and Singapore, Mahathir’s position on China is very clear — —

　　While foreign media have expressed concern about the situation of China project in Malaysia and even the relationship between China and Malaysia, in fact, the situation of the other two countries may be more worthy of "concern".

　　They are the other two protagonists in the Xinlong high-speed rail project — — Singapore and Japan.

　　The website of Japan Times reported on the 29th that Mahathir’s decision shocked the Singapore government, and Singapore was observing the impact of Mahathir’s return to politics on the country.

《Screenshot of the website report of Japan Times

　　In order to win the Xinlong high-speed rail project, Japan has been working hard for several years. Not only did 10 companies form an enterprise alliance to bid, but the Japanese government-enterprise joint venture fund "Overseas Transportation and Urban Development Support Agency" also provided support. Once the project is terminated, the impact on Japan can be imagined.

　　Compared with the "uncertainty" faced by Singapore and Japan after Mahathir took office, Mahathir’s recent statements to China seem to be much clearer.

　　After being sworn in on May 10th, Mahathir immediately sent the clearest signal about China policy, saying that Kuala Lumpur would continue to consolidate friendly relations with Beijing and support the Belt and Road Initiative.

　　On 24th, Mahathir met with China’s Ambassador to Malaysia during the day, and said that welcomes Malaysian enterprises to invest in Malaysia, so as to push forward the cooperation between the two countries, and expressed the expectation of visiting China again.

On the morning of May 24th, Mahathir met with the daytime ambassador.

　　According to the analysis of this meeting, the website of Nihon Keizai Shimbun believes that Mahathir has adjusted his attitude towards specific projects in China based on various considerations, but this does not mean that Malaysia is prepared to cool its economic relations with China. Because "the Prime Minister has admitted that Beijing is too important".

　　At today’s (29th) afternoon press conference of the Ministry of Foreign Affairs, spokesperson Hua Chunying also answered Mahathir’s decision on the China project: We have noticed the statement made by the new Malaysian government on the Xinlong high-speed railway, and believe that Malaysia and Singapore can resolve it through consultation.

　　"As for the projects you mentioned that may have an impact on China’s interests, China has always carried out economic, trade and investment cooperation with other countries, including Malaysia, on the principle of mutual benefit and win-win cooperation. As friendly neighbors, China and Malaysia have always maintained close economic, trade and investment cooperation relations, which have brought tangible benefits to the two peoples. We are willing to continue to maintain close cooperation with Malaysia. " Hua Chunying said.

Hua Chunying

　　Malaysia "changed face"? Another country has given the answer — —

　　In fact, whether the China project in Malaysia and even China-Malaysia relations have "changed" this time may have been explained by the previous experience of a South Asian country.

　　It is Sri Lanka.

　　"In 2015, the Sri Lankan government changed. After the new government took office, a series of large projects were stopped or retried. Sri Lankan experience shows that this political change in Malaysia may affect China’s major projects in Malaysia. " In the report on the 24th, the American Fair Observer made a prediction with Sri Lanka as an example.

"Fair Observer" report screenshot

　　In fact, Mahathir himself has publicly mentioned Sri Lanka many times before and issued an appeal: "Don’t let Malaysia become the next Sri Lanka"!

　　But for those who have been resident in Sri Lanka,Sharp referenceAs far as journalists are concerned, Mahathir’s move may be a repetition of some unwise practices in the early days when the new Sri Lankan government took office in 2015.

　　XiaoruiI still clearly remember that after the new Sri Lankan government came to power in January 2015, a number of China projects were quickly stopped and re-examined on the grounds of safeguarding national interests, among which the port city project with China’s investment of US$ 1.4 billion in Sri Lanka attracted the most attention.

　　However, the following facts soon taught those who "enjoyed" the frustration of Sino-Sri Lankan relations a lesson: after many large projects were stopped, Sri Lanka’s economy was in trouble at an eye-catching speed, the unemployment rate increased, and the people’s lives were hard. The new government had to adjust its thinking again and seize the opportunity of China’s "Belt and Road Initiative". One year later, in March 2016, the port city re-signed the agreement and resumed construction.

On April 16, 2018, a sand dredger dredged and dredged the port city project in Colombo, Sri Lanka. Xinhua News Agency (Photo courtesy of China Harbor Colombo Port City Co., Ltd.)

　　At present,XiaoruiIt is learned that the port city project is in full swing, and the land reclamation has been completed for more than 2.2 million square meters. In addition, China and Sri Lanka have started to attract investment for the port city, and the development prospect of the project is very optimistic.

　　In addition, the performance of Hanport mentioned by Mahathir many times has improved only half a year after it was handed over to the Chinese side for operation. Even the Indian media, which has always been very critical of China’s projects in Sri Lanka, have to change their mouths and admit: "The port of Hambantota built in China is not useless."

Hambantota port

　　According to the Indian Citizen Network reported on May 26th, after the handover, Hangang attracted more and more cargo ships. The achievements of port management in the past year have been achieved in four months. As of April, 132 cargo ships have arrived at the port this year, compared with 202 last year.

　　"China is sincerely willing to help improve Sri Lanka’s economy. With their help, I have no doubt that Sri Lanka will become better in the near future." Malik Samarawickrama, Minister of International Trade of Sri Lanka, said this.

　　"There is no reason to worry about China-Malaysia relations because they need each other." Hong Kong’s "South China Morning Post" pointed out this in a report on the 28th.

　　According to the report, even though Mahathir Mohamud has sent contradictory signals about the future of the China project, the consensus on the value of the relationship between China and Malaysia has come to an end: the relationship between China and Malaysia does not need to be changed, and the development of Malaysia needs China’s investment and infrastructure construction, which is also an important part of the Belt and Road Initiative.

Hong Kong "South China Morning Post" report screenshot

　　And this afternoon, the person in charge of the Madong Railway Project also told me.XiaoruiThe Malaysian government has not stopped the East Coast Railway. "Other situations are being observed."

　　Young people are known as ripe crops, and they are ripe every year, so they think they are old names.

　　New Year’s Eve is extremely important for Chinese. People who have been busy for a year have ushered in the reunion of their loved ones on this day, and at the same time, they are eating a sumptuous New Year’s Eve dinner and having a happy family.

　　New Year’s Eve, also known as New Year’s Eve, New Year’s Eve, New Year’s Eve and Big Dark Day, is the last night of the lunar year, that is, the night before the Spring Festival. Because New Year’s Eve often falls on the 29th or 30th day of the twelfth lunar month, it is also called New Year’s Eve. In 2024, New Year’s Eve falls on February 9th, and the 30th day of the twelfth lunar month is the last day of the lunar year.

　　Hundred years first, four seasons spring first. "New Year’s Eve" means that the old year will be removed this evening, and the new year will be replaced tomorrow. According to "Lu’s Winter in Spring and Autumn", the ancients used drums to drive away the "ghost of plague" on the day before the New Year, which is the origin of the "New Year’s Eve" festival. It is said that the earliest mention of the name "New Year’s Eve" is the historical records such as "Local Customs" written by Zhou Chu in the Western Jin Dynasty.

　　paste up Spring Festival couplets

The picture shows the Spring Festival couplets to welcome the New Year. Photo: Wu Lingxuan Source: People’s Daily Online

　　Spring Festival couplets are usually composed of a couplet and a horizontal batch, which is an important carrier and manifestation of Chinese Spring Festival folklore and the most representative language landscape during the Spring Festival. The neat and concise Spring Festival couplets express the people’s good wishes to ward off evil spirits and welcome the new year, adding a strong festive atmosphere to the Spring Festival and showing the unique charm of Chinese.

　　Burning firecracker

The picture shows firecrackers on New Year’s Eve. Photo: Wang Zhilin

　　During the Spring Festival, Spring Festival couplets and door gods are posted around the country to pray for blessings, and firecrackers are set off to drive away the "Year Beasts". People greet the New Year in the crisp and loud firecrackers.

　　lucky money

The picture shows the age-old red envelope Source: Zhongxin. com

　　Traditionally, during the Spring Festival, the red envelopes distributed by elders to the younger generation after 0: 00 pm on New Year’s Eve are called lucky money, which means to bring them blessings and good luck in the new year.

　　Eat new year’s eve dinner

The picture shows a sumptuous New Year’s Eve dinner Source: Xinhuanet

　　The annual flavor, grand and familiar, is deeply hidden in every ceremony in Chinese at the end of the year. New Year’s Eve, also called "Family Fun", is a family banquet that people attach great importance to. A family reunion banquet symbolizes auspiciousness, wealth, perfection and reunion.

　　Watch the Spring Festival Gala

The picture shows the 2023 Spring Festival Gala Source: CCTV

　　Watch the Spring Festival Evening and welcome the new year. This is Chinese’s unique romance on special days. In one program after another, people push cups for a change and laugh, and the new year is ushered in at 0: 00.

　　Longteng shengshi celebrates reunion, and auspicious things fly all over the sky on New Year’s Eve.

　　Dragon and tiger leap to welcome the new year and send wishes on New Year’s Eve.

　　At this moment of bidding farewell to the old and welcoming the new, I wish you a dragon and horse spirit to welcome the new year.

　　Tashildler!

　　(Tibet, China Net Comprehensive/Wang Zhilin)

Author | Cheng Qian

Edit | Desert Shadow

Voice interaction has been played with new tricks? !

Wisdom reported on April 2nd that on Monday, Baidu released the industry’s first end-to-end speech language model based on new Cross-Attention, which has been launched online for free.

Summarize the newly upgraded essays with several key words: voice interaction.Ultra-realistic, ultra-low delay and ultra-low cost.

Super-fidelity refers to the fact that Wen Xiaoyan, equipped with a large phonetic language model, can understand Chongqing, Guangxi, Henan, Guangdong, Shandong and so onCharacteristic dialect can also realize emotional dialogue.; Ultra-low latency means that the waiting time of users can be reduced from the common 3-5 seconds in the industry toAbout 1 second, almost the same as talking to real people; Ultra-low cost means that in the voice question-and-answer scenario of telephone voice channel, the call cost is about lower than the industry average.50%-90%。

Jia Lei, chief architect of Baidu Voice, revealed that the model can be deployed on L20 card, and under the condition of meeting the delay requirement of voice interaction,The concurrency of dual L20 cards can be more than several hundred.. At present, the training process of speech language model is convenient, which can be realized by optimizing hundreds of cards in one week based on Wenxin model, and the optimization work itself is not complicated.

Compared with the application of big model in voice interaction scene, what is the uniqueness of this big model of voice language? How to reduce the call cost to 90% at the highest? How to interpret the innovation behind it? Zhi Dongxi had an in-depth exchange with Jia Lei, chief architect of Baidu Voice, trying to find the answers to these questions.

First, the real-life dialogue experience, the upgraded version of the text Xiaoyan voice interaction is more silky

The development of large-scale model in voice interaction scene is evolving towards a more natural, low-delay and highly realistic voice interaction experience. And this more anthropomorphic interactive experience, we get a glimpse of the embryonic form in the newly upgraded Wen Xiaoyan, which is equipped with an end-to-end phonetic language model and has become an emotional companion and all-round assistant.

First of all, Wen Xiaoyan has integrated information query including weather query, calendar query, unit conversion, stock price and so on.38 vertical assistantsIt can be seen that the efficiency of voice interaction is much higher than that of text interaction in these special scenarios.

Secondly, Wen Xiaoyan is rightProblems of timeliness and non-timelinessCan cope with encyclopedic inquiry, timely question and answer content of current political knowledge, and Wen Xiaoyan can search in real time, and follow the instructions accurately to reduce hallucinations; Non-timeliness issues such as common sense questions and answers are not a problem.

Finally, it is also the biggest difference between voice interaction and text. Wen Xiaoyan can be carried out with users.Emotional and natural communication, and can respond to feedback quickly, and realize realistic and anthropomorphic interaction effect.

Not much to say, let’s take a look at the actual effect of Wen Xiaoyan.

A major difficulty in speech recognition is dialect recognition. The pronunciation characteristics of dialects are rich and varied. The same dialect may have different pronunciations in different regions, and even the same word may have different pronunciations in different contexts. This makes it difficult for speech recognition system to accurately capture and analyze all pronunciation variants, which increases the difficulty of recognition. At present, Wen Xiaoyan has been able to deal with the characteristic dialects in Chongqing, Guangxi, Henan, Guangdong and Shandong. He can not only understand them, but also reply with the corresponding dialects.

Another major feature of voice communication is the need for multiple rounds of interaction. For example, in the following example, Wen Xiaoyan not only gives a method to distinguish budgerigars from different dimensions of adulthood and childhood, but also gives correct feedback in time when users interrupt to ask new questions.

Even if the reply contains many elements such as distinguishing the budgerigar’s sex and distinguishing from a certain fixed feature, Wen Xiaoyan gives a concise answer, and at the end reminds the user that he can record while observing.

In addition, human-computer interaction is often interrupted in the middle, such as the user gets the core information he wants or is not satisfied with the current output content, etc. When the user interrupts the voice playback to input, the voice recognition system may be mistaken because of environmental noise, unclear pronunciation of the user or confusion with the previous voice content.

In the face of children’s repeated interruptions, Wen Xiaoyan can accurately identify their needs of "changing a story", and when children say "Mom has already told it", they don’t automatically choose to change the story, but give an emotional reply in time to create an atmosphere of natural dialogue.

Wen Xiaoyan, an emotional interactive form, also extends its application to companion scenes in assistant scenes such as knowledge quiz. When the user mentioned "I’m in a bad mood", Wen Xiaoyan’s voice was worried and so on, and guided the user to tell the reason why he was in a bad mood and further enlighten him.

Second, brand-new cross-related attention, to create a very low training cost advantage

Different from the language model, the core difference of the phonetic language model is that it can produce emotion.

Jia Lei said that the text model only produces words, while the phonetic language model can have emotions. The key is two special links in the architectural diagram of the phonetic language model.TN Rhythm and Emotion Control of Personality and StyleThis is prepared for speech synthesis, which allows the big model to have the emotion of adapting the content while generating the answer, which is also the key innovation of Baidu’s end-to-end speech model.

Specifically, there are four key innovations.

First of all, this is released by Baidu.The industry’s first cross-modal speech language model based on Cross-Attention; The second is the model.Combining Encoder with speech recognition, the calculation of KV is reduced to 1/10.; The third isEncoder is combined with speech synthesis, and the output content can be controlled emotionally.; Finally,Efficient full query attention EALLQA, so that the KV cache is reduced to a few tenths.

On this basis, the model realizesIntegration of text recognition and text synthesis.On the basis of systematic end-to-end communication, these coupled technologies enable the model to realize a natural, realistic and emotional interactive experience on the basis of quick question and answer and quick understanding.

Jia Lei explained that the acoustic model is also a phonetic model, but usually large language models are connected by words. Therefore, in the process of integrating speech recognition and large language model, researchers share the process of Encoder and speech recognition in large language model to achieve the purpose of reducing the hard delay of speech interaction, and innovatively introduce cross-modal modeling, switching from Self-Attention to Cross-Attention, thus completing the integration of speech recognition and large language model.

Baidu proposes to use Cross-Attention to solve the cross-modal problem of speech and language. In this process, due to the speed limitation of the existing Attention technology in Cross-Attention speech language modeling, Baidu developed the EALLQA technology suitable for Cross-Attention, adopting implicit RNN two-level position coding, training MHA in 128 space, and inferring MQA in 512 space shared by all layers of the model, so as to achieveMake full use of limited training resources and reduce reasoning cost..

In the basic training of the model, Baidu uses self-distillation post-train the end-to-end speech language model of Cross-Attention based on the pre-training model of Self-Attention mature Wenxin language.

In fact,In speech model, the pressure of KV cache and KV calculation is much greater than that of text model.. Jia Lei explained that the essential difference between speech recognition and text model is that the first token at the beginning of a sentence determines the delay of speech recognition. For the large text model, users can wait for 2-3 seconds to give an answer after entering a paragraph of text, while in the large speech language model, users are less tolerant of reply delay, and they hope to hear the answer within 0.5-1 second.

On this basis, the end-to-end speech language model realizes low-cost training and low-cost high-speed reasoning. In addition, the speech language model also needs quick response and emotional response, which is the scene where another key technology is exerted.Streaming word-for-word LLM-driven multi-emotional speech synthesis. Jia Lei said that many rounds of continuous communication with emotion can make people want to continue communication.

Based on the streaming word-for-word method, its speech synthesis is to see one word jumping one word at a time, and the large model can help the speech synthesis to output the text normalized output, prosodic pause output and emotional output it needs, making the speech synthesis process flow like when people speak, and its adaptive emotional coverage can reach 17 kinds according to the text output.

In addition, there is a big pain point in speech recognition, which is that it can’t judge the starting point and ending point of the user’s speech, butLarge model blessing can make it analyze whether the user’s words have ended based on semantics.The semantics are incomplete and we need to wait.

Jia Lei further explained that,The activation of voice scenes requires extremely interactive cost, extremely fast delivery speed, intelligent and emotional humanized question and answer.. Baidu integrates speech recognition with large model to solve the problems of pre-fetching, hesitation, content understanding and quick question and answer, and integrates text synthesis with large model to output prosodic emotion needed in speech summation, thus solving the problems of context understanding and emotion control in synthesis. This makes the application potential of voice scene greatly improved.

Third, directly attack the difficulty of voice interaction, and enlarge Baidu’s end-to-end voice language model.

The continuous optimization of large model has significantly improved the robustness, naturalness and speaker similarity of speech, butThere are still many pain points in the previous technical path.This is why Baidu focuses on the end-to-end speech language model.

Compared with the communication between people, the response speed of large language model is slow, and users need to wait for a while to get a reply. In addition, voice communication is often accompanied by multiple rounds of dialogue and interaction, and it is extremely difficult for models to complete colloquial multiple rounds of interaction. Compared with texts, users use more scenes of voice interaction, and the surge of interaction will lead to the increase in the application cost of large-scale models, and the difficulty of large-scale application popularization will also increase.

On the traditional voice interaction route, it will be limited by the accurate response between contextual memory, noisy occasions, hesitant questions and interruptions.

Therefore, this has become a core contradiction in the field of voice interaction.The convenience of voice interaction determines its potential for large-scale application, and these pain points are hindering its popularization.Jia Lei believes that,The chemical reaction between speech and text is the key to find a breakthrough in a specific field in the future..

The appearance of phonetic language model is qualitative change, and its innovative synthesis technology makes the model not need to see the whole text of a sentence, but can synthesize a word by seeing the text of a word. On this basis, Baidu has excavated a unique application scenario. He gave an example. For example, when asking about the weather, users can quickly interrupt the next question when they get the temperature range of the weather. Its advantage is that the use cost of the model is greatly reduced, while the text model needs powerful hardware to achieve such efficient application, but the speech language model can achieve efficient concurrency with low-cost hardware.

At the same time, from the perspective of the whole voice interaction field, the accuracy of the speech recognition part of the large model has been greatly improved. Jia Lei believes that it is more a competition of speed, cost and answer accuracy.Cost reduction is the key to large-scale use of multimodal voice interaction..

Jia Lei said: "Cost reduction is the inevitable way of technological progress." The extremely low cost of Baidu’s speech language model means the possibility of large-scale industrialization. The landing application of AI is the core of the development of the model industry in 2025, and this model is the key to solving the speech problem.

Baidu’s accumulation in the field of speech recognition has a long history.

In 2018, the Deep Peak 2 model released by Baidu Voice broke through the traditional model that has been used for more than ten years, greatly improving the recognition accuracy in various scenarios. At the beginning of 2019, Baidu voice technology team announced the world’s first streaming multi-level truncated attention model SMLTA in the field of online voice, with a relative accuracy rate of 15%. In 2021, Baidu released the streaming truncated conformer modeling technology based on historical information abstraction-SMLTA 2, which solved the problems faced when the Transformer model was applied to online speech recognition tasks.

These technological innovations have been applied in many fields such as automobiles, consumer electronics and mobile phones. This time, in order to promote the large-scale application of speech language model, at present,Baidu has launched its online Xiaoyan and opened it for free, and plans to launch it on the open platform in April, and then it will be connected to call centers, speakers and other business lines..

Jia Lei mentioned: "Science may have national boundaries, but it has no corporate boundaries." Subsequently, Baidu opened the end-to-end speech language model, just to promote the application of the big language model in the speech field, which is conducive to the development of the whole industry and ecology.

Conclusion: Baidu’s phonetic language model is unsheathed, opening a new chapter with low cost and high efficiency.

Convenient, efficient, natural and friendly voice interaction, which is widely used in multiple scenes, is very important in the digital age. However, from the current actual effect, voice interaction has greatly improved in recognition accuracy, and now the competition focus of the industry is on its recognition speed, cost and accuracy of answers.

In this context, the release of Baidu’s end-to-end speech language model further broke through the cost, and proposed a new technical path, which pushed the industry competition of voice interaction to a new height. At the same time, Baidu will launch it on an open platform, which will accelerate the application and popularization of large models in voice interaction scenarios.